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Azeri tops a declining market at Keeneland

Posted: Tuesday, November 10, 2009 6:49 PM

SESSION ONE TOPPER: AZERI

PhotosByZ.com

by John P. Sparkman

Multiple champion Azeri is headed to Japan after topping the first session of the 2009 Keeneland November breeding stock sale on Tuesday on a $2.25-million bid by Katsumi Yoshida.

Azeri was the only seven-figure horse, however, on a day when total sales declined 45.3% to $26,291,500 with 15.4% fewer horses sold, and average dipped 35.3% to $208,663.

"We never expected to be able to buy this mare," said Yoshida's son, Shunsuke Yoshida, who bid while connected by cell phone to his father. "We started bidding at about $1.6-million, but we did not expect to get her even then. She will go to Japan."

Yoshida also bought the day's second highest-priced horse, paying $900,000 for the last horse through the ring, Loves Only Me, a Storm Cat half sister to European champion Rumplestiltskin, in foal to Danehill Dancer, from the family of Miesque.

"You have mixed emotions after spending all those years caring for an important and special mare," said John G. Sikura of Hill 'n' Dale Sales, which consigned Azeri on behalf of the Allen Paulson Living Trust. "You feel a sense of loss, but on the other side, the trust was liquidating and this was the most valuable asset remaining and she did sell. You always hope the mare would be better received. I had heard evaluations between $2.5-million and $3-million."

Azeri had failed to reach her reserve at a hammer price of $4.4-million at the 2009 Keeneland January mixed sale. Her first foal, an A.P. Indy colt now named Take Control, topped the 2009 Keeneland April sale of selected two-year-olds in training at $1.9-million after setting a record RNA price of $7.7-million at the 2008 Keeneland September yearling sale. Azeri's second foal, a filly by Giant's Causeway, sold for $800,000 at the 2009 Keeneland September sale.

Only one other horse elicited seven-figure bids, Mark Stanley's 2009 Ruffian Handicap (G1) winner Swift Temper, consigned by Taylor Made Sales Agency, but Stanley eventually bid her in himself at $2.05-million.

WinStar Farm's Elliott Walden signed the ticket for Maverick Racing at $440,000 for a weanling colt by Tiznow out of Emmy's Storm, by Stormy Atlantic, the highest price for a foal on the day. Consigned by Bruce Gibbs's Greenfield Farm as agent, the colt is bred on a similar cross to WinStar's promising two-year-old colt American Lion, who is by Tiznow out of a mare by Stormy Atlantic's sire Storm Cat.

“I thought it was supposed to be a tough market, but then you go try to buy one,” Walden said.

“He looks a lot like American Lion,” said Doug Cauthen, WinStar's president. “Nice, clean neck and a very good body. Tiznow can get you a really good-looking horse and this is an example of that.”

Although average and total proceeds declined, as expected, the buy-back rate also dipped, to 31.9% from 38.2% last year, as consignors successfully adjusted to the depressed market.

“The sale was as expected,” said Geoffrey Russell, Keeneland's director of sales. It was a very cosmopolitan buyers list, and  we knew there would be strong overseas participation, especially on the mares. There was only one American buyer among the top five horses. Their economies have rebounded faster than the American market. Rate of exchange for Japan and Australia have never been better.”

“Last year at this session, we had 11 million-dollar horses, this year we had one. Overall, comments prior to the sale had been that there's a lack of horses at the top end. In a recessionary market, people hang on to their best mares.”

The sale continues at 10:00 a.m. EST on Wednesday at the Keeneland sales pavilion.

John P. Sparkman is bloodstock editor of Thoroughbred Times